By Chris Rossini
The federal government vampire is dead-broke, has debt that it can never repay, has financial promises to American citizens that it can never fulfill, and yet it's still lurking around and searching for new veins to sink its fangs into. The latest artery that the vampire has its eyes on is our financial transactions. An idea is floating around to have government tax every stock and bond transaction in order to take a chunk of money for itself.
Why financial transactions? And why now?
Well, popular opinion is definitely not on the side of Wall Street these days, especially after the latest financial meltdown and taxpayer bailouts. This is largely Wall Street's doing, so they get very little sympathy here.
The government is just trying to capitalize on the negative sentiment. The actual causes of the financial crisis and the cronyism between the government and Wall Street are to remain unchanged. More financial crises and bailouts will take place for sure, but maybe they can sneak a new tax through while the anti-Wall Street sentiment is running high.
However, it is you and I that would be paying any type of financial transactions tax. It is you and I that the government is looking to loot even further. Wall Street is just worried about losing business and trading volume to foreign competitors. But government really has it's eyes on our wallets, since we would be paying the tax.
The talking heads try to portray this new tax proposal as some sort of "national sales tax". After all, since the vast majority of Americans pay sales taxes on all types of other goods and services, why should we get away with not paying a tax on our financial transactions as well.
It's only fair right?
It would be fair to get rid of the other sales taxes, not create another tax!
If a mugger walks down a city street with 10 people and he mugs 2 of them, it's not "fair" to make sure that the other 8 people get mugged too. The goal is for no one to be mugged!
Of course, the job of the talking heads that are floating this idea is to convince you that government taking more of your earnings is a good thing. The talking heads want you to feel good about being mugged. It's really in your interest to work all day and then hand your money over to the government. You're being mugged for "society," so cheer up.
Americans should say NO to a financial transactions tax....and get rid of sales taxes too.